For a business to succeed long-term, growth is crucial. Growth helps businesses in countless ways, making it easier to acquire assets, attract talent, make investments, take advantage of opportunities, increase sales, gain new customers, and much more. 

But growth isn’t often a straight line. In order to withstand outside forces like recessions, budget issues, and loss of clients, businesses need to adapt constantly. A good Chief Financial Officer (CFO) is the key to maintaining business growth through periods of change or hardship (something that’s particularly pertinent during this pandemic). CFOs have a deep understanding of the types of changes that are necessary to ensure a business’s success. At their best, CFOs are flexible, skilled, and devoted people constantly looking out for the companies they serve. 

What is a CFO?

A CFO is a very valuable asset for a company when it comes to understanding the economy, markets, industry, business growth, and business strategies. Not only does a CFO have the expertise necessary to manage banking relationships, prepare financial reports, work with auditors, oversee tax planning, set financial policies, and much more – she can also help others better understand the company’s finances, acting as a sounding board for senior management.

Not surprisingly, as a business grows, it takes more people to run it. It’s important for Chief Executive Officers (CEOs) to understand that it’s often necessary to expand their workforce in order to grow. Without a strong team behind the business, it will be nearly impossible to sustain growth long-term. Hiring a CFO is one of the most beneficial steps a CEO can take to ensure the business continues to grow – but hiring an in-house CFO can be expensive, with salaries ranging from $175,000 to $480,000 per year plus vacations, bonuses, and benefits. 

A Virtual CFO 

Thankfully, there’s an affordable alternative. A virtual CFO provides the same services and expertise as an in-house CFO – financial planning, management of financial risks, record-keeping, financial reporting, and more – but because a virtual CFO provides the services you need as you need them, it costs significantly less to hire a virtual CFO than an in-house CFO. 

Equally important as hiring the right people is listening to the right people. If a CEO hires a CFO to manage his finances but dismisses her advice and ‘sticks to his guns,’ growth will not follow. It’s important to be open-minded to new strategies and ways of thinking, and trust that the experts have a better understanding of financial management than the rest of the team. 

Is your business ready for a virtual CFO to take it to the next level and ensure long-term growth? The Virtual CFO Group is here to help. We’ll give you a strategy for growth, forecasts, and a plan for achieving your business goals, and we’ll update your technology to make your business more efficient and easier to manage. Whatever your financial and business needs, we’re here to take care of them! Our inbox is always open, so please don’t hesitate to reach out.